It took Tesla some time to hit its goal of producing 5,000 Model 3s a week, but Elon Musk's car company is apparently ready to ramp up production in a big way.
In its second quarter earnings report Wednesday, the electric automaker said it expects to manufacture more than 6,000 of the mass-market vehicles a week by the end of the month, and most factories would be able to produce 10,000 cars a week by the end of the year.
That would be a big step toward achieving profitability. Musk has said that sustained production of the Model 3 is essential for increasing cash flow and cutting losses. Though Tesla posted a bigger loss than expected for the quarter ー $3.06 a share versus an estimated $2.92 loss per share ー the company burned through $739.5 million, less than the $1 billion it lost at the start of the year.
In all, the company produced more than 53,000 cars ーModel 3s, Model Ss, and Model Xs ー during the second quarter, and delivered almost 41,000 vehicles. It also took a restructuring charge for cutting its workforce by 9 percent.
Shares of Tesla were up more than 4 percent after the report.
For more on this story, [click here](https://cheddar.com/videos/tesla-stocks-rise-after-earnings-report).
Heavy rainfall flooded parts of Massachusetts and Rhode Island, with two communities declaring a state of emergency as water poured into homes, creating moats around their foundations and leading to boat rescues of residents. Concern about a dam listed in poor condition led to more evacuations.
The leading decongestant used by millions of Americans looking for relief from a stuffy nose is no better than a dummy pill, according to government experts who reviewed the latest research on the long-questioned drug ingredient.
Hurricane Lee, still a Category 3 storm with winds of 115 mph, is expected to increase in size but be significantly weaker in the coming days, as it turns north to reach the U.S. East Coast, according to the National Hurricane Center.
The U.S. approved updated COVID-19 vaccines Monday, hoping to rev up protection against the latest coronavirus strains and blunt any surge this fall and winter.
An earthquake has sown destruction and devastation in Morocco, where death and injury counts continue to rise as rescue crews dig out people both alive and dead in villages that were reduced to rubble.
Hurricane Lee whipped up waves of more than 15 feet (5 meters) on Monday as the Category 3 storm cranked through open waters just north of the Caribbean region.
